The 200-week moving average (MA) for Bitcoin has surpassed $40,000 for the first time, according to Blockstream CEO Adam Back. The 200MA has been seen as a price floor for Bitcoin, with the cryptocurrency never closing below this level, except during "Black Thursday" in March 2020. The $71,200 level is now seen as key resistance for Bitcoin bulls, and a weekly close above this level is needed for a bullish trend to resume. The current price for Bitcoin is $68,352, and there is optimism among Polymarket bettors that the cryptocurrency will reach $70,000 in October and hit another all-time high in 2024.



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